For Immediate Release: Wednesday, January 15, 2020
Application deadline extended to Jan.29, 2020
ROCKVILLE, Md., Jan. 14, 2020—The Montgomery County Council is seeking applicants to serve as the Council representative on the Board of Investment Trustees for the Montgomery County Employee Retirement Plans and the Board of Trustees for the Consolidated Retiree Health Benefits Trust. The boards set investment policy and evaluate and monitor investment managers and performance of the Trust Funds.
The deadline for applications is 5 p.m. on Wednesday, Jan. 29, 2020.
The second term of Council representative David Locke expires March 1, 2020. Members of County boards, committees and commissions may not serve on more than one such group at a time. The Council policy is that an individual must not serve more than two consecutive full terms on any County board, committee or commission. The appointee may not furnish, or be employed by a firm that furnishes, to pension funds and other institutional investors the kind of investment services purchased by the board.
The Board of Investment Trustees is responsible for overseeing the investment of approximately $5 billion in assets for approximately 16,500 active and retired members of the three retirement plans: defined benefit, defined contribution and deferred compensation. The Board of Trustees is responsible for overseeing the investment program for the Consolidated Retiree Health Benefits Trust, which has assets of approximately $1 billion.
The Board of Investment Trustees for the Montgomery County Employee Retirement Plans consists of 13 trustees appointed by the County Executive and confirmed by the County Council. Trustees include the directors of the Office Human Resources, Office of Management and Budget, Department of Finance and the County Council Executive Director; two representatives of the County Council; one active member of the retirement plans who is not a member of a collective bargaining unit; one retired member of a County plan; two members of the public; and individuals recommended by each of the three County employee collective bargaining units.
The Board of Trustees for the Consolidated Retiree Health Benefits Trust consists of 19 trustees, 13 of whom are members of the Board of Investment Trustees, along with the following additional members: one active employee recommended by the superintendent of Montgomery County Public Schools (MCPS), one retired member of MCPS, one MCPS bargaining unit representative, one active employee recommended by the Montgomery College (MC) president, one retired member of MC, and one MC bargaining unit representative.
Trustees serve three-year terms without compensation from any source for services rendered to the Boards. The Boards meet six times a year from 8:30 a.m. until approximately 1 p.m., usually on Fridays in January, March, May, July, September and November.
This Council representative position on each Board is for a person who is knowledgeable in pensions, investments or financial matters. The Council will recommend one applicant to the County Executive for appointment to serve on both Boards. After the Executive appoints the Council representative, the appointee’s name is submitted to the Council for final confirmation. Within 10 days after confirmation, each trustee must sign a certificate stating that the trustee accepts the fiduciary responsibility of the trust funds and will administer the affairs of the trust with care, skill, prudence and diligence. Appointees must complete a financial disclosure statement within 15 days of Council confirmation and annually thereafter.
Letters expressing interest in the position, including a resume listing professional and civic experience, should be addressed to Council President Sidney Katz, County Council Office, 100 Maryland Avenue, Rockville, Md. 20850. Letters of application can also be submitted via email to County.Council@MontgomeryCountyMD.gov. Submissions must be received no later than 5 p.m., Wednesday, January 29, 2020. It is the Council’s policy not to consider applications received after the deadline. Letters of application and resumes are made public as part of the appointment process and are available for public review. The interviews are conducted in public and are televised. After the closing date, Councilmembers will review the letters of application and select applicants for interviews to be held soon thereafter.
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Release ID: 20-011